Anyone using Hagerty have their policy jump up in cost? Mine went up 50%. I'm looking around but...
Dan
Dan
Hagerty
- Thread starter dang
- Start date
ouch, that's a big jump. when my car is completed, i will update my policy to increase the value. i'm currently with Heacock
I now use Grundy which is written by Philadelphia Insurance, no increase.
There's a thread over on the MG forum (which I belong to given my MGA) with people reporting the same. Mine hasn't changed but many others had big jump. Maybe worth giving them a call to see if they can adjust?
Mine has stayed about the same (in premium $$ for coverage $$). My premium did go up decently - but that was due to my increasing the values of both the Mustang and E23.... Hard to believe the E23 is valued north of $40k now.... wow....
And just a note for those with Hagerty - make sure to call them to add Cherished Salvage coverage onto your policy. For that E3, for example, your guaranteed coverage may be $40K, meaning if the car is declared totalled you'll get $40k. Totalled is typically repair work greater than 50% of the value, so $20K of work, which could be as simple as a 15-mph rear end hit that doesn't involve frame but does involve body panels, repainting, new trunk pan, etc. So you get your $40k and the car is sold off. The Cherished Salvage means that you get your $40k (car is totalled) but you also get the car. You could strip the entire interior, take the whole engine, etc to put into a new car. They told me they offer this coverage because they know that still-functional parts in a car declared totalled are still worth far more to you than they would get selling the car at auction. The additional cost is nominal (I think under $100/yr for my E9, E39 and MGA) but it feels like it's WELL worth it.
I don't know that some of the other companies offer this benefit so may be worth assessing to make sure you're comparing like with like.
I don't know that some of the other companies offer this benefit so may be worth assessing to make sure you're comparing like with like.
I will check my Hagerty premium. But unless it goes up substantially I will stay with H. for the Cherished Salvage coverage.
My Hagerty policy renewed at the end of May with no meaningful change in cost.
Before renewal I checked with two other providers and found that they were nominally less expensive, but didn’t include cherished value coverage so I stayed put with Hagerty.
Before renewal I checked with two other providers and found that they were nominally less expensive, but didn’t include cherished value coverage so I stayed put with Hagerty.
Called Hagerty to get more info and they said my mileage defaulted to 3500 miles for each vehicle (3 insured) because i didn't update them. I also don't see a way to do that online so there's that! I changed them through the rep to 800, 1500 and 0 and the rate dropped to $1400. Up from $1320 so that's within expected percentage I suppose.
I don't understand the cherished salvaged rider. You can always ask for a salvage price to buy back your
totaled car. I've asked for it a few times and completed it once. Is this not universally available? Something to ask the insurance agent.
totaled car. I've asked for it a few times and completed it once. Is this not universally available? Something to ask the insurance agent.
Yes, you can ask for a salvage price and pay it. The salvage rider gives you the car without paying that price. It's yearly amount is small, and when I asked if there is any additional amount to pay if my car is totalled and I do want the car, I was told that there is a nominal fee typically of a few hundred dollars - far less than what the salvage price would be on a totalled E9.
Curious, I called Hagerty today. Yearly premium, $512.00 on my '72 Bavaria with AV of $25.00. I do have Cherished Salvage Rider.
Has anyone ever had their mileage checked by any insurance company? I haven't and I don't know anyone who has.
Only on the daily drivers back when I was commuting in California.
Mine have never been checked either regular or classic.
